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Direct tax demand as much as Rs 25,000 and Rs 10,000 shall be scrapped until a sure interval

New Delhi:

The Centre is not going to pursue taxpayers to get better previous and disputed direct taxes as much as Rs 25,000 until the monetary 12 months 2009-10, Finance Minister Nirmala Sitharaman mentioned in her interim Finances 2024 speech at this time.

Direct taxes demand as much as Rs 10,000 from the monetary years 2010-11 to 2014-15 may even be withdrawn, she mentioned.

“This can profit about one crore taxpayers,” Ms Sitharaman mentioned.

“… There are a lot of petty, non-verified, non-reconciled or disputed direct tax calls for, lots of them courting way back to 1962, which proceed to stay on the books, inflicting nervousness to trustworthy taxpayers and hindering refunds of subsequent years. I suggest to withdraw such excellent direct tax calls for up Rs 25,000 pertaining to the interval as much as monetary 12 months 2009-10, and as much as Rs 10,000 for monetary years 2010-11 to 2014-15. That is anticipated to profit a couple of crore taxpayers,” Ms Sitharaman mentioned.

She didn’t make modifications to tax slabs within the interim Finances consistent with conference.

“As for tax proposals, consistent with the conference, I don’t suggest to make any modifications regarding taxation and suggest to retain the identical tax charges for direct taxes and oblique taxes together with import duties,” she mentioned.

“Nevertheless, sure tax advantages to start-ups and investments made by sovereign wealth or pension funds as additionally tax exemption on sure earnings of some IFSC items are expiring on 31.03.2024. To supply continuity in taxation, I suggest to increase the date to 31.03.2025,” Ms Sitharaman mentioned.

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